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Spot gold prices fell sharply, dropping below $4,600 per ounce. A chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On April 28, local time, the United Arab Emirates announced that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the "OPEC+" mechanism from May 1, 2026.UAE Energy Minister: Abu Dhabi National Oil Company is no longer just a local producer; we have become an international player with a complete supply chain in different regions around the world.On April 28, the United Arab Emirates (UAE) announced its withdrawal from OPEC and OPEC+ effective May 1, dealing a heavy blow to the organization and its de facto leader, Saudi Arabia, amid the historic energy shock and global economic turmoil caused by the Iran-Iraq war. The UAEs unexpected withdrawal, from a long-time OPEC member, could plunge the organization into chaos and weaken its influence—OPEC typically strives to present a unified stance despite internal disagreements on a range of issues from geopolitics to production quotas. This could be a major victory for US President Trump, who has accused the organization of "blackmailing the rest of the world" by driving up oil prices. Trump has also linked US military support in the Gulf region to oil prices, claiming that while the US is protecting OPEC members, they are "taking advantage of that by setting high oil prices." The UAE is a regional business hub and one of Washingtons most important allies. This move comes after the UAE criticized other Arab states for failing to take sufficient measures to protect it from repeated Iranian attacks during the war.UAE Energy Minister: We made this decision at a time when consumers need our attention. We are currently facing an unprecedented situation, with our strategic oil reserves being depleted at an alarming rate.

S&P 500 Index Outperforming NASDAQ Composite on Back of Strong Energy Sector

Eric Stanberg

Dec 22, 2022 16:21

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On the basis of Wednesday's pre-market trading, the main US stock indices are expected to rise. A great performance by Nike is supporting the markets, but lower Treasury rates are also contributing to some of the upward momentum.


Blue chip Dow Jones Industrial Average futures are now trading at 33367.00, up 314.00 or +0.95%, at 14:21 GMT. The tech-heavy NASDAQ Composite Index is trading at 11223.75, up 48.00 or +0.43%, while the benchmark S&P 500 Index is at 3877.25, up 28.00 or +0.73%.


Because Nike, a component of the Dow, is its strongest performer and posted an 11% rise during the pre-market session, the Dow is showing the largest gain.

Surge and Lifts Nike Dow, S&P 500

The Dow and S&P 500 are being supported by Nike's remarkable share performance. Late on Tuesday, the world's largest athletic shoe business released quarterly earnings that handily exceeded Wall Street's forecasts while also improving its outlook. The firm highlighted its achievement in reducing its sizable inventory stockpile.

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